fundamental economic problem facing all societies resulting from a combination of scarce resources and people’s virtually unlimited wants
increased, made worse
state in which a society produces barely enough to support itself
natural resource that can be replenished for future use
power or energy generated by moving water
energy made from wood, peat, municipal solid waste, straw, corn, tires, landfill gasses, fish oils, and other waste
mixture of 90 percent unleaded gasoline and 10 percent grain alcohol
energy harnessed from the sun
resources that cannot be replenished once they are used
substantial oversupply of a product
contamination of air, water, or soil by the discharge of a poisonous or noxious substance
pollution in the form of rainwater mixed with sulfur dioxide to form a mild form of sulfuric acid
federal permit allowing a public utility to release pollutants into the air; a form of pollution control
movement toward a more integrated and interdependent world economy
corporations producing and selling without regard to national boundaries and whose business activities are located in several different countries
hiring outside firms to perform non-core operations to lower operating costs
plan or method
group of countries that have agreed to reduce or remove trade barriers among themselves, but lack a common tariff barrier for nonmembers
established in 1993 by the Maastricht Treaty, its 28 member countries make it the largest single unified market in the world in terms of population and output
single currency of the European Union
group of ten Southeast Asian nations working to promote regional cooperation, economic growth, and trade
group of sellers or producers acting together to raise prices by restricting availability of a product
circumstances surrounding a situation or event
comparative relationship between things in terms of size, quantity, etc.

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Economic Terms


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